Canadian Federal Politics Thread v5

[belsarius]

Originally Posted by Locke

I could go on and on. But again, if someone has a better idea than Government owned and operated housing I am all ears.

Because if you subsidize cheap, low-income housing, wealthier people will buy it for cheap and rent it out for more. There has to be a water-break that prevents that from happening and theres only 1 institution that can do it.

Originally Posted by calgarygeologist

I definitely agree that there are certain areas where the governments need to be operators for the public good. Some level of public housing needs to be provided and in other areas I think that the governments should be operating our airports and our telecom infrastructure as well as our power grids and probably even things like pipeline infrastructure and refineries and such.

Strangers with this kind of socialist talk make me go a big rubbery one, if you know what I mean.

[PepsiFree]

Originally Posted by belsarius

Strangers with this kind of socialist talk make me go a big rubbery one, if you know what I mean.

Not me. I’m fully erect.

[Doctorfever]

Originally Posted by PepsiFree

Not me. I’m fully erect.

Meant for “what really makes me happy” thread?

Glad you enjoy CP!

[calgarygeologist]

Freeland and the Liberals are cutting the public sector by at least 5000 full time jobs to meet their budget expectations.

[chemgear]

Originally Posted by calgarygeologist

Freeland and the Liberals are cutting the public sector by at least 5000 full time jobs to meet their budget expectations.

Didn't they just add like 19,000 public sector jobs in February alone?

[Cowboy89]

Capital Gains inclusion rate jumps from 50% to 66.666%. They expect to raise over $20Billion over 5 years from the measure. Income and sales tax rates expect to stay the same.

[photon]

Originally Posted by fotze2

I somehow missed this post. Was it that same loser who chased me away years ago?

Nope different guy afaik.

[Leondros]

Originally Posted by Cowboy89

Capital Gains inclusion rate jumps from 50% to 66.666%. They expect to raise over $20Billion over 5 years from the measure. Income and sales tax rates expect to stay the same.

* On anything over $250K of annual capital gains. Anything below stays at that 50% rate.

The government estimates it will apply to only 0.13 per cent of personal income tax filers and just 12 per cent of corporations.

[Azure]

Originally Posted by calgarygeologist

Freeland and the Liberals are cutting the public sector by at least 5000 full time jobs to meet their budget expectations.

Finally.

Not enough, but a huge start. About time this government starts to understand reality.

[Cowboy89]

Originally Posted by Leondros

* On anything over $250K of annual capital gains. Anything below stays at that 50% rate.

The government estimates it will apply to only 0.13 per cent of personal income tax filers and just 12 per cent of corporations.

That's a synthetic estate tax when you think about it. When do people not in the 0.13% have over $250k in capital gains in a year? Basically deemed disposition upon death.

[chemgear]

Originally Posted by Azure

Finally.

Not enough, but a huge start. About time this government starts to understand reality.

Most of the jobs additions have been government spending on the public sector. I think it was like growth 4.7% versus 1.2% in the private sector in the last year. And something crazy like 40% increase in public sector jobs since 2015.

[Winsor_Pilates]

Originally Posted by Cowboy89

That's a synthetic estate tax when you think about it. When do people not in the 0.13% have over $250k in capital gains in a year? Basically deemed disposition upon death.

What if someone sells an investment property they've owned a long time and has gained more than $250k?
Does that count or is this strictly if the gain was in 1 year?

[Monahammer]

66% cap gains tax does seem steep, until you consider the exclusions basically ensure that 99.5% of Canadians will not normally have to deal with this at all.

[Leondros]

Originally Posted by Cowboy89

That's a synthetic estate tax when you think about it. When do people not in the 0.13% have over $250k in capital gains in a year? Basically deemed disposition upon death.

Agreed, most likely these will get triggered when people die - rental properties, personal use property, stocks, funds, etc. Luckily the principal residents exemption still is in effect so should at the very least shield that.

Will make gifting even more important going forward.

[Looch City]

Holy #### my taxes have increased by like 150%. Time to move away from this country. Canada is broken.

[Leondros]

Originally Posted by Winsor_Pilates

What if someone sells an investment property they've owned a long time and has gained more than $250k?
Does that count or is this strictly if the gain was in 1 year?

It will apply on the year of disposition as its written. Full gain in that year.

[Cowboy89]

Originally Posted by Leondros

It will apply on the year of disposition as its written. Full gain in that year.

Agreed. It appears that the move was specifically targeting estates and non-primary resident real estate gains. Using the 'only impact less than 0.13% of Canadians' line to make it seem like it's only a super rich person thing.

[curves2000]

First reactions is that this is a really weird budget. Outside of a government promise and programs to build a mountain of housing, which seems very challenging, there isn't much of substance. Carbon rebate for small business ok, fuel surcharge rebate and the big one about capital gains exemptions on "wealthy" Canadians going to 2/3rds of the gain.

Liberals really missed the boat in my opinion on actually being really innovative and on policy perspective. There is a ton of low hanging fruit that can be had with things like junk fee's, bad corporate practices from big business, building more infrastructure to make supply chains more resilient, help with inflation.

Even the capital gains change is going to hit hard on a LOT of people, a lot of really normal, middle class people and their families. Everything from a random 40 something couple, working decent jobs in Toronto making $125k each, selling some stocks, a 2nd property and more.

Lot's of elderly people who pass away and their estates need to be wrapped up will pay a LOT more in taxes on investments, property and more with this. Some could argue that older people are rich and the young generation is suffering, but those assets are then passed down. It's regular Canadians who are getting a smaller inheritance as a result of these tax changes and that usually doesn't sit too well with too many people.

Overall, I think this is more of a strange budget as opposed to one that I was discussing the other day, about it being "the worst" in decades.

The headline on the TV at the moment is talking about unleashing federal lands to urgently build 800 homes, but Canada is bringing in something along the lines of approx 1200 people a day as new immigrants. Nothing wrong with that, but it doesn't jive with reality?

[Azure]

It is 100% a tax on the wealthy.

Which the wealthy will just avoid by just doing what wealthy people do.

Not saying I disagree with it, but seems kinda hopeless.

[Azure]

The New Canada Carbon Rebate for Small Businesses to urgently return proceeds from the price on pollution from 2019-20 through 2023-24 to an estimated 600,000 businesses in provinces where the federal backstop applies, with 499 or fewer employees through a new refundable tax credit. This would deliver over $2.5 billion directly to these small- and medium-sized businesses.

https://www.canada.ca/en/department-...usinesses.html

About bloody time.

Two positive things in the budget already! Who we gonna vote for folks!!